{"id":302,"date":"2022-11-04T11:01:06","date_gmt":"2022-11-04T11:01:06","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2022\/11\/04\/bitcoin-bulls-face-21k-sellers-as-btc-price-wipes-out-fed-fomc-losses\/"},"modified":"2022-11-04T13:18:06","modified_gmt":"2022-11-04T13:18:06","slug":"bitcoin-bulls-face-21k-sellers-as-btc-price-wipes-out-fed-fomc-losses","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2022\/11\/04\/bitcoin-bulls-face-21k-sellers-as-btc-price-wipes-out-fed-fomc-losses\/","title":{"rendered":"Bitcoin bulls face $21K sellers as BTC price wipes out Fed FOMC losses"},"content":{"rendered":"

Bitcoin (<\/span>BTC<\/a>) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.<\/span><\/p>\n

\n
BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.<\/p>\n

$21,000 sell wall proves ugly<\/h2>\n

While so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came<\/a> on the back of the Federal Reserve interest rate hike decision.<\/p>\n

Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.<\/p>\n

\u201cIf you want to sell, place your orders slightly lower than $21k,\u201d Onchain Edge, a contributor at analytics platform CryptoQuant, wrote<\/a> in part of a tweet alongside data from the Binance order book.<\/p>\n

BTC\/USD order book chart (Binance). Source: Onchain Edge\/ Twitter<\/em><\/figcaption><\/figure>\n

Material Indicators, which provides the order book data, additionally noted that buy-side orders had been fickle friends in terms of support, coming and going on the order book.<\/p>\n

\u201cTHIS is why I don\u2019t trust new, heavily weighted, Bitcoin buy walls,\u201d it commented<\/a>.<\/p>\n

BTC\/USD order book chart (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n

Fellow CryptoQuant contributor Maartunn meanwhile added that market sell-orders were \u201cstill dominant\u201d in the current setup.<\/p>\n

\u201cNothing has really changed, other than a lower Bitcoin price,\u201d part of Twitter commentary stated on the day.<\/p>\n

Bitcoin net take buy\/sell volume chart. Source: Maartunn\/ Twitter<\/em><\/figcaption><\/figure>\n

Analyst on stocks: \u201cBig guys loading up\u201d<\/h2>\n

Beyond crypto, one analytics source noted a potential silver lining for risk assets more broadly in the current climate.<\/p>\n

Related:\u00a0Bitcoin seller exhaustion hits 4-year low in \u2018typical\u2019 bear market move<\/a><\/em><\/strong><\/p>\n

The Smart Money Confidence<\/a> (SMC) sentiment indicator, traditionally used for stocks, is now at \u201chistorical highs,\u201d Game of Trades noted.<\/p>\n

High SMC scores coincide with the outperformance of the S&P 500, and given Bitcoin\u2019s correlation to traditional markets, there could be cause for optimism on the back of its current reading of 0.61.<\/p>\n

SMC hit highs of 0.78 in late September, with a bounce thus required in future.<\/p>\n

\u201cThe big guys are loading up. Smart money confidence is at historically high levels,\u201d an optimistic Game of Trades nonetheless summarized<\/a>.<\/p>\n

Smart money confidence annotated chart. Source: Games of Trades\/ Twitter<\/em><\/figcaption><\/figure>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.<\/p>\n

Source link <\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp. $21,000 sell wall proves ugly While so far a lower […]<\/p>\n","protected":false},"author":1,"featured_media":303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[15],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMzhlYmQ1YTItYzQ1Zi00ODE2LWI0N2QtMzc0ZWIyM2EyNDNkLmpwZw==.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/302"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=302"}],"version-history":[{"count":1,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/302\/revisions"}],"predecessor-version":[{"id":305,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/302\/revisions\/305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/303"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}